News Release

Pepsi Turns to a Different Type of 'POP' to Find That 94% of Young People Have Positive Outlook on the Future

Pepsi Optimism Project ( POP ) Survey Finds that

Millennials Lead the Way in a Refreshing New American Spirit

Purchase, N.Y., December 10, 2008 – Despite a failing economy, employment woes and countless other concerns, a key segment of Millennials – people who were born between 1980 and 1990 – remain confident about what 2009 will have in store for them. According to an omnibus survey conducted by StrategyOne® on behalf of Pepsi, four out of five Millennials are hopeful about the future as the New Year approaches, and nearly all surveyed (95%) agree that it is important for them to maintain a positive outlook on life.

More than 2,000 Americans were surveyed as part of the Pepsi Optimism Project ( POP ), a new and ongoing study examining the mindset of Millennials. The survey comes as Pepsi launches a branding initiative that is part of a significant, multiyear reinvestment in carbonated soft drinks. The campaign starts with a new look for the trademark Pepsi packaging, which is now beginning to appear on store shelves across the country. An advertising campaign featuring a consistent theme of optimism that mirrors the current social climate will debut shortly.

“Pepsi has always stood for youthful exuberance and optimism and we're pleased to learn through this survey that the positive spirit in youth culture is not only intact but growing,” said Dave Burwick, Pepsi's chief marketing officer. “Our new brand identity campaign reflects that optimism like never before – on shelf and in advertising.”

“Children of the ‘80s and ‘90s inherently feel a strong sense of optimism in the future and their ability to shape it,” says Lisa Orrell, generation relations expert and author of Millennials Incorporated . “This age group feels refreshingly unencumbered by history or tradition, a feeling that they can accomplish anything they resolve to achieve.”

According to the POP survey, Millennials spend more time enjoying life than worrying about it and this group is most optimistic about their overall well-being and relationships with friends and family. Other findings include:

• With the season of good will upon us, 74% find that supporting causes make them feel more optimistic.

• Despite recent job forecasts, 77% of Millennials report having a strong sense of optimism about their careers.

• Nearly all Millennials (95%) make positive associations when they think of the word “change,” associating it with “progress” (78%), “hope” (77%) and “excitement” (72%).

• Two-thirds of Millennials (67%) say that the election of Barack Obama is making them feel optimistic about the future of the country.

Fueled by an excitement for change and an eagerness to shape their own destinies, Millennials are gearing up to make 2009 their year. Orrell concludes, “With so much to worry about over the next several months, maybe we would all be better served taking on this group's optimism.”

About the Pepsi Optimism Project

Pepsi-Cola North America Beverages commissioned StrategyOne® to conduct an omnibus survey among 2,008 Americans 18+ regarding their views on optimism. The interviews were conducted via telephone from November 13, 2008 through November 17, 2008 using the field services of Opinion Research Corporation (ORC). ORC uses a rigorous methodology including random digit dialing to ensure national representation and computer-assisted telephone interviewing for optimal accuracy. The margin of error for the total sample of adults (N=2,008) is ±2.2% at the 95% level of confidence, which means that in 95 out of 100 times that a sample of this size is drawn, the results would not vary by more than 2.2 percentage points in either direction.